CVEO vs PII: Correlation
How closely do Civeo Corporation (Canada) (CVEO) and Polaris Inc. (PII) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVEO and PII?
Across a 3-year window, the weekly returns of CVEO and PII correlate at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 497.7 %².
PII is one of the assets that tracks CVEO most closely: it ranks #3 out of the 11 assets we track against CVEO. The last year tells two different stories: CVEO led by 26.6 percentage points, +42.4% for CVEO against +15.8% for PII.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CVEO vs PII: side by side
| CVEO (Civeo Corporation (Canada)) | PII (Polaris Inc.) | |
|---|---|---|
| 1-year return | +42.4% | +15.8% |
| 5-year return | +69.2% | -39.0% |
| Volatility (ann.) | 35.1% | 39.0% |
| Beta vs S&P 500 | 0.16 | 1.07 |
| Max drawdown (3Y) | -33.2% | -70.4% |
| Market cap | $0.3B | $3.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 4.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVEO | PII |
|---|---|---|
| 2022 | +62.2% | -6.0% |
| 2023 | -24.8% | -3.8% |
| 2024 | +3.6% | -37.2% |
| 2025 | +1.6% | +15.9% |
| 2026 | +47.6% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVEO and PII good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVEO and PII?
The CVEO/PII correlation stands at 0.36 on a 3-year window (1 year: 0.45, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is PII a good diversifier for CVEO?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cveo-vs-pii.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cveo-vs-pii/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVEO correlations · PII correlations
